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September 12, 2015

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CSRC punishes 5 brokerages

CHINA’S securities regulator said yesterday that five brokerages were punished for illegal operations.

The five brokerages include Huatai Securities, Haitong Securities, Guangfa Securities, Founder Securities and Zheshang Futures, according to the China Securities Regulatory Commission.

The first four brokerages were accused of failing to check and verify clients’ real identities, while Zheshang Futures was accused of flawed risk control.

The CSRC will confiscate their illegal profits and fine them.

Haitong Securities will hand over 28.65 million yuan (US$4.5 million) in illegal profits and 85.96 million in fines.

Huatai Securities will turn in 18.23 million yuan in illegal profits and 54.7 million yuan in fines.


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